Cambodia is getting richer, that is a fact. Moreover, those riches are both the causes and consequences of international groups coming to the country, investing directly to create jobs, develop the market, grow skills, and provide new kinds of products and services to the people, while enforcing excellent standards of quality. In this situation, how can Cambodian SMEs and personal businesses compete? Against the likes of large corporations, how can they still please their customer base, and get it to keep using their products or services? They do not have the budget, workforce, or power after all.
Turns out there are several simple solutions to help entrepreneurs and businesspersons to keep Cambodian companies strong and effective. They only need to build on their unique assets!
Asset no.1 of Cambodian SMEs: The Network
While it is possible for corporations to hire talented people with an existing network, it cannot compare to the first-hand relationships, if not friendships, that have been developed over decades. Your network knows it can trust you to give them the best corporate experience, as they are used to your processes. Remember that Cambodia is a collectivist country. Bonds are more valued than money.
Asset 2 of Cambodian SMEs: The Experience
The experience local businesses have can only be described as fantastic. They know what works and what do not, and can therefore leverage this knowledge to stay ahead. Nevertheless, having experience, while critical, is not enough. It must be used carefully to anticipate future threats and opportunities, allowing your business to prepare for them. There is always room for improvement. Even if a business has a wealth of assets, they do not know the market as much as you.
Asset 3 of Cambodian SMEs: The Reactivity
The main asset of SMEs is that they are firmly rooted in the local market. Cambodia is a unique country, and the best way to please Cambodian customers, to answer to their desires, is to have Cambodian professionals working alongside them. SMEs are able to find niches and fill them because corporate inertia catch up with them. With this reactivity advantage, SMEs can appear as thought-leaders, implementing change faster than anything else, and establishing themselves a trustworthy source.
To make your SME a force to be reckoned by corporate giants, we encourage you to take a look at our Operations, Leadership, and Project Management classes. We stay at your service for any inquiry you may have. Have a nice day, and see you soon in class!